Manas Petroleum completes 2D seismic operations

SWITZERLAND, Nov. 8 – Switzerland-based Manas Petroleum international oil exploration and development company announced this week that its subsidiary Petromanas Energy Inc has completed the 2D seismic operations on Blocks D and E of its Albanian exploration project without incident. Manas, through its subsidiary DWM Petroleum AG as previously announced, owns approximately 32.36% of the issued and outstanding shares of Petromanas.
The 105 km of 2D seismic acquired on Blocks D and E fulfills the work commitments for the first exploration phase on those blocks.
Petromanas continues as planned with its seismic operations on Blocks 2 and 3, which it anticipates will be completed by early 2011. All operating licences and permits have been received, surveying and drilling operations for seismic shots are underway. This program includes 140 km of 2D seismic survey and will provide valuable data near the Spiragu discovery which was drilled in 2001. The majority of the seismic work will be carried out with heliportable rigs and the remainder through conventional shallow drilling rigs.
In conjunction with the seismic work, Petromanas has announced that it is re-evaluating the un-risked resource assessment which was prepared on December 15, 2009 by Gustavson Associates LLC based on the seismic, geology and limited well data that was available at the time. In the normal course of the current geophysical and geological (“G&G”) work, Petromanas intends to evaluate the risked resource potential which, as a result of incorporating risk assessments and new data, it expects will be lower than the un-risked resource potential numbers presented in the 2009 Gustavson report.
Petromanas plans to conduct the G&G analysis through year end as the new seismic data becomes available. It anticipates that an updated independent resource evaluation report will be prepared early in 2011. It also intends to update resource estimates as it acquires new data from seismic programs and drilling operations.